43% of Swiss Phase 2 Banks Have Not Started SIC IP Implementation

With seven months until Switzerland's SIC IP Phase 2 deadline, 43% of the roughly 180 required banks have not started implementation. Overbooked testing windows and a confirmed November-December onboarding freeze compress the effective delivery window to mid-October.

Switzerland's SIC Instant Payments system completed Phase 1 in August 2024. The initial rollout connected 63 banks to the real-time payment rail. Those institutions account for more than 95% of Swiss customer payment transactions. Phase 2 requires approximately 180 additional financial institutions to go live by November 2026. Bottomline reported in March 2026 that 43% of Phase 2 participants had not started their implementation programs.

Testing infrastructure is already under pressure. October 2026 testing slots were fully booked well in advance. SIX has confirmed that no new participants will be onboarded during November and December 2026 due to system migration activities. The effective implementation window therefore closes in mid-October.

In February 2026, the total SIC system processed 79.4 million transactions. Monthly turnover reached CHF 4,162 billion. SIC IP transactions account for approximately 10,000 per day across Phase 1 participants. Phase 2 completion would extend full instant payment interoperability across the entire Swiss banking system.